by: Casandra Kate Escobar
Mi Gente, “How do you make the money?” Both a rhetorical and direct question. “What is the key formula to making money?” My answer is, ‘by multiple lawful means!’
I recently was invited, out to Chicago, for the PhD Project Conference. The PhD Project, phdproject.org, is a non-profit organization that for over 15 years has supported minority business professionals through the process of obtaining their PhD in Business. The overwhelming concern, of the candidates present at the conference, was compensation.
While in the program –that can span 5 years–compensation would be radically reduced. Many of these professionals would have to change from a lifestyle of earning over $100,000/year, to earning less than $50,000 in stipends. Than others where concerned about salary potential after the program. Initial salary would start about $130,000/year moving upwards to an ultimate salary average of $500,000/year, if the candidate is able to move up the academic ranks, to the position of Dean.
My question to many, as we discussed salary, was “what about multiple revenue streams?” I was shocked at the number of professionals, at this level, not considering or having passive income!
As the economy continues to change and take on a new shape, I am convinced of two things:
1. Everyone has to learn how to be an entrepreneur (if not physically, than in the mindset)
2. Everyone has to have multiple revenue streams
Having the mindset of an entrepreneur and having multiple-revenue streams, sharpens the skills of flexibility and adaptation and is key to financial security. Financial security is a personal responsibility, not dependent on one job.
We no longer live in a world of “either or.” ‘Either I am self-employed, or I have an employer.’ ‘Either I am rich, or I am poor.’ ‘Either I am a struggling student/artist, or I have a career.’
Now, is not the time to think having a “steady job” is the answer to financial security. “How do you make the money?” Commit to having multiple revenue streams.
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